The funds will go toward renovation and repair projects, life skill development programs and research initiatives aimed at addressing the needs of the tens of thousands of Canadian youth who are affected by homelessness each year.

Additionally, the company will collaborate with stakeholders to help create access to safe housing for homeless youth, establish a thought leadership advisory council, support new research and create a youth advisory council based on parameters that are defined by homeless youth.

"Research shows that reaching homeless youth early with housing and life skills support solutions will decrease the likelihood they will become chronically homeless adults," said Peg Hunter, chair of the board with The Home Depot Canada Foundation. "By focusing our efforts on youth and housing, we can maximize our resources, help youth realize their potential and build brighter futures."

Home Depot Canada has been tackling the issue of affordable housing since the inception of the Home Depot Canada Foundation in 2009.